Obama today announced his first federal long term 10-year budget. The budget calls for $3.6 trillion in total spending for 2010, while it believes it will receive $2.4 trillion in revenue.

Te budget forecasts the deficit will top $1.75 trillion (12.3% of U.S. GDP) in 2009 and hopes to slash that in half by 2013. The White House is forecasting unemployment to top 8.1% in 2009 and fall by about 5.5% by 2014. The budget also assumes real GDP to fall by 1.2% in 2009, but grow substantially by 3.2, 4, and 4.6% over the next three years respectively.

Obama recently said, “What I won’t do is sacrifice investments that will make America stronger, more competitive and more prosperous in the 21st century,”

Obama’s budget earmarks $634 billion for health care to make it more affordable, by increasing taxes on the wealthy. The budget also calls for increasing the current 15% capital gains tax substantially for hedge fund and private managers. The budget also commits $150 billion for renewable energy. It also calls to make the Making Work Pay credit provide up to $400 per worker and up to $800 per working family permanent.

Under the budget, Obama also hopes to generate up to $4.8 billion in revenue from wireless spectrum fees and up to an additional $1.4 billion in spectrum auctions.

The White House ambiguously estimates the plan will “generate or save” up to 3.5 million jobs.